Ripple Expands in UAE With New Local Partnerships

Now that it holds a DFSA license, the company is focusing on this growth through Ripple Payments. This platform is designed to deliver quick, low-cost international transfers using blockchain.

Ripple is expanding its presence in the Middle East with two new partnerships in the UAE - Zand Bank and Mamo - just months after securing a license from the Dubai Financial Services Authority (DFSA).

The partnerships will help the company to play a bigger role in the region’s cross-border payments market.

The company is concentrating on this growth through Ripple Payments - a platform designed to deliver fast and low-cost international transfers using blockchain.

Zand Bank, which is a digital-first financial institution, will use Ripple’s technology to upgrade its payments system. The bank is also planning to launch a stablecoin tied to the UAE dirham (AED) to further embrace blockchain.

Meanwhile, UAE fintech startup Mamo is integrating Ripple’s system to make cross-border payments quicker and more reliable.

“We can now scale faster and more securely,” said Imad Gharazeddine, CEO of Mamo, highlighting the company’s trust in Ripple’s infrastructure for optimal performance and stability.

The company’s platform currently supports more than 90 global payout markets and has processed over $70 billion in volume. It also uses XRP as a bridge currency in certain routes through its On-Demand Liquidity (ODL) service, which enables swift currency exchange and optimal liquidity.

The price of XRP dropped by 3.5% in the last 24 hours to $2.31, moving in line with a broader decline of the crypto market.

However, despite the setback, there’s some positive momentum for XRP after a recent legal development in the Ripple vs. SEC case. Last week, Judge Analisa Torres denied a motion for an indicative ruling, a move that stirred up strong reactions in the XRP community.

While the motion didn’t go Ripple’s way, legal experts like John Deaton, Bill Morgan, and Fred Rispoli have weighed in with insights on what this means for the case moving forward.

This denial comes as no surprise given the judge's previous rulings and the legal landscape in the U.S.

Moreover, CME Group is set to launch XRP futures contracts today, which can be viewed as a significant step for the token's future. This move could help increase XRP's appeal to institutional investors and support broader adoption.